Village of Belcarra Five Year Financial Plan

Transcription

1 Village of Belcarra Five Year Financial Plan Prepared By: Moira McGregor, Administrator Tel: (604) Fax: (604) Website:

2 Agenda 1. The Budget Process 2. Five Year Capital Plan 3. Year 2005 Budget Budgets 5. Present Financial Health 6. Revenues & Expenditures 7. Municipal Taxation

3 Budget Process The Financial Plan Bylaw is typically adopted in April. The Tax Rate Bylaw must be adopted by May 15 th each year. The Community Charter / Local Government Act permits the Financial Plan Bylaw to be adopted prior to the Tax Rate Bylaw.

4 Before We Begin You Should Know... Your tax bill contains charges from other taxing jurisdictions such as School District 43, GVRD, GVTA, BCAA, etc. The Village of Belcarra has no control over the amount of these taxes. Belcarra is simply required to include these levies on the property tax bill. Belcarra is required to submit these funds to other governments by August, whether or not the taxes are paid by taxpayers.

5 Property Tax Classification Assessments done by BCAA. Based on property use and whether meets requirements of tax class. Assessment value is determined by the market, and set in October of the previous year. There may be exemptions that automatically apply against assessment.

6 2005 Property Assessments NET TAXABLE RESIDENTIAL ASSESSED VALUES MUNICIPALITY INCREASE Coquitlam Port Coquitlam Port Moody Anmore $ 10,630,286,103 $ 4,108,091,165 $ 2,444,320,595 $ 247,600,800 $ 12,577,611,703 $ 4,908,308,400 $ 3,069,202,100 $ 321,248, % % % % Belcarra $ 161,610,900 $ 203,330, % DISTRICT TOTAL $17,591,529,064 $21,079,700, % 26.21% = overall assessment base increase % = added assessment base (new since 2004). = 19.38% = average property assessment increase.

7 Average Assessment Change Market Changes (Residential Properties) In 2005, the average house assessment is: $600,000 In 2004, the average house assessment was: $500,000 Change of $100,000 represents an average market value increase of ~19.4% Tax rate reduced to offset the increase.

8 Property Tax Rates 2005 Property Tax Levy = $2.12 / $1000 (Assessed Value) x (Tax Levy) = Tax Rate That appears on Property Tax Statement $600,000 x $2.12/$1000 = $1,272 (This is the portion of taxes that the Village levies for operating purposes.)

9 2005 Municipal Revenue & Expenditures

10 2005 Budget Highlights Average Assessed Home ($600,000): - General Property Tax Rate = $2.12/$1000 of assessed value (Reduced from $2.48/$1000) - Annual Garbage User Fee = No Change ( $125/year/residence) - This represents a 14.5% reduction in the tax rate. Residential Taxes: - Average Property Tax Levy = + 4.8% increase - Annual Garbage User Fee = 0% increase

11 2005 Operating Budget $ % Category Actual Budget Change Change Property Taxes $ 450,721 $ 483,863 $ 33, % Parcel Taxes $ 17,497 $ 1,478 $ (16,019) -91.6% Government Grants $ 179,218 $ 166,579 $ (12,639) -7.1% Fees & Charges $ 55,038 $ 44,200 $ (10,838) -19.7% Total Revenue: $ 702,474 $ 696,120 $ (6,354) -0.9% Expenditures: Office Administration $ 317,188 $ 322,666 $ 5, % Public Works $ 231,023 $ 227,290 $ (3,733) -1.6% Debenture Payment $ 15,800 $ 18,300 $ 2, % Total Expenditures: $ 564,011 $ 568,256 $ 4, % Sub-Total: $ 138,463 $ 127,864 $ (10,599) -7.7% Capital Expenditures: Capital Projects $ 167,100 $ 163,000 $ (4,100) -2.5% Prov. To Future Expend. $ 21,136 $ - $ (21,136) % Prov. From Future Exp. $ 53,903 $ 40,136 $ (13,767) -25.5% Transfer From Reserves $ 14,555 $ - $ (14,555) % Transfer To Reserves $ 18,685 $ 5,000 $ (13,685) -73.2% Surplus (Deficit): $0 $0 $0

12 What Does 4.8% Average Tax Increase Mean to the Village? 26.2% = overall assessment base increase % = added assessment base (new since 2004). = 19.4% = average property assessment increase % = average 2005 property tax increase -1.0% = decrease in overall 2005 budget

13 2005 Public Works Expenditures General Breakdown: $50,000 spending non-mrn roads maintenance. $58,890 MRN funds allocated to Bedwell Bay Road. $32,000 garbage costs (includes tree chipping & large item pick-up).

14 Five Year Capital Plan

15 Financial Planning Objectives $150,000 / year Contribution to Capital minimum requirement to maintain infrastructure Rebuild Reserves to 25% of Budget financial safety net Complete Fire Protection Works protection of life and property insurance savings to property owners Maintain Bedwell Bay Road safety improvements and rehabilitation additional funding from GVTA Major Roads Network (MRN)

16 2005 Capital Projects PROJECT TOTAL COST GENERAL REVENUE OTHER FUNDING COMMENTS / OR SOURCE OF FUNDS Fire Protection Water Main Tatlow-Kelly on Bedwell Bay Road $100,000 $100,000 0 Fire Protection Water Main Senkler Road Bridge (Bedwell Bay Road) $25,000 $25,000 0 Concrete Rehabilitation Marine Avenue Rehabilitation and Bank Stabilization $11,000 $11,000 0 Marine Avenue Rehabilitation Emergency Cratex Container $6,000 0 $6, Provision Municipal Hall Roof $4,000 $4,000 0 Hall Roof Treatment Office Software Upgrade $9,000 $9,000 0 Accounting Software Equipment Recycle Depot $8,000 $8,000 0 Video Camera TOTAL CAPITAL $163,000 $157,000 $6,000

17 Capital Projects CAPITAL PROJECTS Fire Protection Extensions Bedwell Bay Road Kelly Road to Main Ave. $65,000 Marine Ave. Young Road to 4078 Marine Ave. $65,000 Marine Ave Marine Ave. to West Road $65,000 Bedwell Bay Road West Road to Firehall $61,257 Additional Fire Hydrants $100,000 Roads & Drainage Marine Ave. Young Road to 4078 Marine Ave. $22,202 Marine Ave Marine Ave. to West Road $30,000 Robson Road Curb overlay $19,000 Coombe Lane Overlay $13,000 Kelly Road Overlay $45,000 Misc. Capital Projects Truck & Tractor Replacement $50,000 $96,000 Total Capital $152,202 $156,257 $150,000 $173,000

18 Projected Budgets Revenue: Property Taxes $ 502,202 $ 514,757 $ 527,625 $ 540,815 Government Grants $ 168,000 $ 168,000 $ 168,000 $ 168,000 Fees & Charges $ 45,000 $ 47,000 $ 49,000 $ 51,000 Total Revenue: $ 715,202 $ 729,757 $ 744,625 $ 759,815 Expenditures: Office Administration $ 331,500 $ 338,500 $ 341,125 $ 341,815 Public Works $ 231,500 $ 235,000 $ 240,500 $ 245,000 Total Expenditures: $ 563,000 $ 573,500 $ 581,625 $ 586,815 Sub-Total: $ 152,202 $ 156,257 $ 163,000 $ 173,000 Capital Expenditures: Capital Projects $ 152,202 $ 156,257 $ 150,000 $ 173,000 Prov. For Future Expend. $ - $ - $ - $ - Transfer From Reserves $ - $ - $ - $ - Transfer To Reserves $ - $ - $ 13,000 $ - Surplus (Deficit) $0 $0 $0 $0

19 Typical Year Operating Costs Capital Projects 22% Reserves 2% Public Works 31% Public Works General Gov't General Gov't 45% Capital Projects Reserves

20 2005 Public Works Expenditures MRN-Bedwell Bay 27% Garbage 14% General Services Roads & Drainage MRN-Bedwell Bay Garbage General Services 37% Roads & Drainage 22%

21 2005 Budget Capital Projects Total Capital Spending = $163,000 Fire Protection System = $100,000 Senkler Bridge Repair = $ 25,000 Marine Avenue Rehab. = $ 11,000 Office Accounting Software = $ 9,000 Equipment Recycle Depot = $ 8,000 Equipment Cratex Container = $ 6,000 Municipal Hall Roof Treatment = $ 4,000

22 2005 Budget Key Points General government grants unchanged: Small Community Grant = $102,000 MRN Funding increased (Bedwell Bay Rd) = $ 59, % = 2005 budget vs actual. +4.8% = 2005 average property tax increase

23 Municipal Property Taxation

24 $ Municipal Tax Levy By Assessed Value Assessment Change Tax Rate $2.48 $2.12 $500,000 $1,240 $1,060 ($180) $600,000 $1,488 $1,272 ($216) $700,000 $1,736 $1,484 ($252) $800,000 $1,984 $1,696 ($288) $900,000 $2,232 $1,908 ($324) $1,000,000 $2,480 $2,120 ($360)

25 Why is property tax decreased $216 on an average assessed home ($600,000)? Tax Rate reduced from $2.48 to $2.12 per $1000 of assessment. Assessment Base increased +26.2%.

26 What is the Financial Health of the Municipality? The municipality is in good financial health, as suggested by the following financial indicators: No debt! Pay-as-you-go policy. Financial reserves. Low cost of operations. It is prudent to maintain financial reserves at 25% of the annual budget.

27 Financial Health Reserve Balances ( ) General Reserve $122,206 Equipment Fund $ 44,009 $166,215 Reserves should be ~25% of the annual budget to maintain Financial Health, i.e. ~$174,000 The purpose of setting aside reserves is to provide funding for various anticipated future capital expenditures, to ensure sufficient funds are available when required to avoid the need to incur debt.

28 Municipal Tax Dollar Where does it go? 2004 Tax Year SVFD 7.1% GVTA 3.9% GVRD 8.2% BCAA/MFA 1.6% Schools Village SVFD GVTA Village 34.6% Schools 44.8% GVRD

29 2004 Survey Results MCAWS - Residential Taxes - Single Family Dwelling Municipalities Average Municipal School RD/SFD BCA/ Other Total Res. Total Res. Ass. Value Taxes Taxes Tax MFA Tax User Fees Tax Pitt Meadows 207, ,251 Port Coquitlam 252,843 1, ,669 Maple Ridge 254,059 1, ,681 Langley City 257,590 1, ,957 Surrey 265, ,639 Langley District 267,000 1, ,695 White Rock 283,185 1, ,819 Port Moody 292,256 1, ,830 Delta 295,000 1, ,035 New Westminster 317,100 1,693 1, ,493 Burnaby 318,635 1, ,731 Coquitlam 351,000 1,363 1, ,206 Richmond 373,474 1,294 1, ,262 Bowen Island 402,293 1, ,593 Vancouver 406,588 1,245 1, ,189 North Van. City 437,478 1,459 1, ,352 North Van. District 444,848 1,470 1, ,560 Belcarra 450,000 1,116 1, ,238 Anmore 464, , ,180 Lions Bay 477, , ,884 West Vancouver 759,760 2,468 1, ,250 Average $ 360,814 $ 1,265 $ 1,025 $ 54 $ 149 $ 164 $ 414 $ 3,072

30 2001 CENSUS POPULATION & DWELLING COUNTS 2001 period were highest in Anmore (39.9%), Surrey and Port Moody (14.2%), Electoral Area A (13.2%) and Maple Ridge (12.5%). Table , 1996 and 2001 Census Population By GVRD Municipalities Population Growth Growth Absolute Percent Percent Absolute Percent Percent Municipality Growth Growth CMA Growth Growth CMA Anmore , % 0.1% % 0.2% Belcarra % 0.0% % 0.0% Bowen Island 2,077 2,738 2, % 0.3% % 0.1% Burnaby 158, , ,954 20, % 8.9% 14, % 9.5% Coquitlam 84, , ,890 17, % 7.8% 11, % 7.1% Delta 88,978 95,411 96,950 6, % 2.8% 1, % 1.0% Electoral Area 'A' 4,870 7,096 8,034 2, % 1.0% % 0.6% Langley City 19,765 22,523 23,643 2, % 1.2% 1, % 0.7% Langley Township 66,040 80,179 86,896 14, % 6.2% 6, % 4.3% Lions Bay 1,328 1,412 1, % 0.0% (33) -2.3% 0.0% Maple Ridge 48,422 56,173 63,169 7, % 3.4% 6, % 4.5% New Westminster 43,585 49,350 54,656 5, % 2.5% 5, % 3.4% North Vancouver City 38,436 41,475 44,303 3, % 1.3% 2, % 1.8% North Vancouver District 75,157 80,418 82,310 5, % 2.3% 1, % 1.2% Pitt Meadows 11,235 13,436 14,670 2, % 1.0% 1, % 0.8% Port Coquitlam 36,773 46,682 51,257 9, % 4.3% 4, % 2.9% Port Moody 17,756 20,847 23,816 3, % 1.3% 2, % 1.9% Richmond 126, , ,345 22, % 9.7% 15, % 10.0% Surrey 245, , ,825 59, % 25.9% 43, % 27.9% Vancouver 471, , ,671 42, % 18.4% 31, % 20.4% West Vancouver 38,783 40,882 41,421 2, % 0.9% % 0.3% White Rock 16,314 17,210 18, % 0.4% 1, % 0.7% Indian Reserves 5,222 5,826 6, % 0.3% % 0.5% Vancouver CMA 1,602,590 1,831,665 1,986, , % 100.0% 155, % 100.0% FVRD 186, , ,550 36, % n/a 15, % n/a Lower Mainland 1,788,753 2,054,062 2,224, , % n/a 170, % n/a

31 2001 CENSUS POPULATION BY AGE GVRD SUBURBS AGING FASTER THAN CORE Table Median Age and Population by Age Groups for GVRD Municipalities Age Age Grow th Total Under 20 Years 20 to 64 Years 65 Years and Over Municipality Population Absolute Percent Absolute Percent Absolute Percent Anmore n/a n/a n/a 1, % % % Belcarra n/a n/a n/a % % % Bow en Island n/a n/a n/a 2, % 1, % % Burnaby ,954 43, % 124, % 25, % Coquitlam ,890 30, % 71, % 11, % Delta ,950 27, % 58, % 10, % Electoral Area 'A' n/a 32.7 n/a 8,034 1, % 5, % % Langley City ,643 5, % 14, % 3, % Langley Tow nship ,896 25, % 51, % 9, % Lions Bay n/a n/a n/a 1, % % % Maple Ridge ,169 18, % 37, % 6, % New Westminster ,656 10, % 36, % 7, % North Vancouver City ,303 8, % 29, % 5, % North Vancouver District ,310 22, % 50, % 9, % Pitt Meadow s ,670 4, % 8, % 1, % Port Coquitlam ,257 15, % 32, % 3, % Port Moody ,816 6, % 15, % 1, % Richmond ,345 40, % 104, % 19, % Surrey ,825 99, % 210, % 37, % Vancouver , , % 374, % 70, % West Vancouver ,421 9, % 23, % 9, % White Rock ,250 2, % 10, % 5, % Vancouver CMA ,986, , % 1,267, % 242, % BC ,907, , % 2,398, % 533, %

32 Budgets

33 Future Budgets & Tax Changes Predicting future tax changes is very difficult for a number of reasons: There are many variables involved, some of which are offloading of services by the Provincial Government. Many of the projections are based on projections made by other governing bodies. Small changes can make BIG differences in the final tax rates. Councils set budgets and tax rates yearly.

34 Budgets: Assumptions Most significant assumptions used: Continuance of Provincial Grant. Continuance of MRN Funding. Complete fire protection system within three years (in 2007). Begin upgrade program for Bedwell Bay Road. Rebuild Financial Reserves.

35 Projected Tax Changes Based On Average Assessed Home ($600,000) Projected Annual Property Tax Changes: $1,272 $1,305 $1,332 $1,352 $1,392 ($180) $33 $27 $20 $40

36 QUESTIONS? Additional Information: BC Assessment Village Hall Administrator

37 End of Presentation

38 Questions Questions questions QUESTIONS questions Questions questions QUESTIONS QUESTIONS Questions